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Feds Drop Mortgage Charge in PPP Fraud Guilty Plea

A New England man who has pleaded guilty to four counts of wire fraud in connection with an alleged pandemic-era loan scam will not have to face a fifth charge relating to mortgage fraud, according to authorities. So reports The Maine Wire.

Federal Housing AdministrationMerton Weed Jr. of Norway, Maine, faces up to 20 years in prison after admitting to charges that he received more than $240,000 in federal loans based on fraudulent Paycheck Protection Program applications filed between May 2020 and January 2021.

Prosecutors said they dropped a charge that Weed put fraudulent employment and income details on an application for a Federal Housing Administration-insured mortgage in 2018.

Read the full article from The Maine Wire.

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